Econ 1.2 FOPs
Presentation
•
Social Studies
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12th Grade
•
Practice Problem
•
Medium
Bryce Badger
Used 3+ times
FREE Resource
22 Slides • 11 Questions
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2
Multiple Choice
True or false: Scarcity affects all individuals and businesses?
True
False
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4
Multiple Choice
Which of the following is NOT one of the three big economic questions that every society must answer?
How to produce?
What to produce?
How to consume?
For whom to produce?
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6
Multiple Choice
Which of the following best describes the main purpose of an economic system?
To organize an economy to allocate resources efficiently and fairly
To increase the population of a country
To promote only technological advancements
To create new forms of government
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13
Multiple Choice
Which of the following is a characteristic of a traditional economy?
Central authority controls production
Production is based on communal needs
Production decisions are made by buyers and sellers
Profit is the main motivation
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16
Open Ended
What do you think Adam Smith means by we get our dinner because of the "self-interest" of others?
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18
Multiple Select
Which of the following are considered pros of a market economy?
Freedom of choice
Income inequality
Leads to innovation
Does not provide products/services unless profit is available
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Multiple Choice
Who controls the factors of production in a command economy?
Private individuals
Central authority
Buyers and sellers
Local communities
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23
Multiple Choice
According to Karl Marx, what is the main principle of Communism as stated in the quote?
Abolish all private property
Promote free markets
Encourage entrepreneurship
Support monarchy
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Multiple Choice
How does Karl Marx describe the consequences of wealth accumulation by the upper class?
It leads to misery and degradation at the opposite pole
It results in overall prosperity
It encourages innovation
It creates more jobs
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Open Ended
What are some examples of government intervention in the economy?
32
Multiple Choice
Which country is positioned closest to a pure command economy on the Mixed Economy Continuum?
North Korea
Cuba
China
France
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